Yesterday, the US SEC approved eight Ethereum ETFs, leading to heightened price volatility in the crypto market. In the hour leading up to the approval, Ethereum (ETH) first dropped to $3,500 around the US market closing time. As unconfirmed reports of the approval began to surface, ETH touched nearly $3,900 before settling above $3,800 after the official confirmation.
However, these ETFs are not yet cleared for trading. The issuers of spot ETH ETFs include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy.
In other news, the US House of Representatives voted to prevent the Federal Reserve from issuing a central bank digital currency (CBDC). The CBDC Anti-Surveillance State Act aims to block the US central bank from advancing efforts toward developing a digital dollar.
Interestingly, the total crypto market volume over the last 24 hours is $142.17 billion, marking a 45.09% increase from the previous day.
